MemeCore (M) has surged nearly 40% in the last 24 hours, making it the market’s top gainer today. The Layer-1 (L1) coin trades at $0.87 as of this writing.
The token’s rally comes amid broader market recovery, with key technical indicators suggesting momentum may continue.
MemeCore Bulls Eye Breakout Beyond All-Time High
Readings from the M/USDT daily chart show that coin trading is significantly above its Super Trend indicator, which currently forms dynamic support below it at $0.47.
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The Super Trend indicator helps traders identify the prevailing market direction by plotting a line above or below an asset’s price. When the line sits below the price, it signals a bullish trend and acts as a support level. Conversely, when the line shifts above the price, it indicates a bearish outlook, often serving as resistance.
For M, the indicator resting well below its current trading level reflects strong bullish momentum, suggesting buyers remain in control of the market. If this support holds, it could provide the foundation for the coin to revisit and potentially surpass its $1.13 all-time high.
Moreover, M’s weighted sentiment is currently positive at 0.162, confirming the bullish bias among market participants toward the altcoin.
An asset’s weighted sentiment measures its overall positive or negative bias by combining the volume of social media mentions with the tone of those discussions.
When the metric’s value is positive, it signals rising confidence and renewed interest in the asset. Conversely, a negative weighted sentiment means investors have become skeptical of the asset’s short-term prospects, which may cause them to trade less.
In M’s case, the positive sentiment suggests growing confidence among investors and strengthens the likelihood of a continued uptrend.
Rally Toward $1.13 or Drop to $0.71?
A sustained buy-side pressure could trigger a breach above the resistance formed at $0.90. If this level holds as a strong support floor, it could pave the way for M to revisit its all-time high of $1.13.
However, a resurgence in selloffs could invalidate this bullish projection. If profit-taking resumes, M could shed some of its gains and fall toward $0.71.
The post MemeCore Rockets 40% in a Day; Eyes Return To All-Time High appeared first on BeInCrypto.